It's about 5 pages in length. Explains the right of the exchange {Comex for me}. Explains holding right, good delivery, rights of the futures seller, buy in terms, and penalities for default on seller-buyers. Mine is through a corp account, since there is less hassle then individual accounts {I believe 13 pages}. You clear the trade through your broker {Merrill Lynch for me}... it aint the same lease rate as you find on Kitco, those a dreamers rates, and are around 1% or more above the real rate. There's fees for holding the lease account open, and really, it's boring to look at the contracts. It's basically a glorified bank account, where silver is the holding. And it costs to delivery it to the account, be prepared to order a amoured truck, and pay $750 CAD one way. $825 was charged for the return. And Don't forget US Taxation, import/export fees... man it sucks.
It's just as good to sell the futures, futures options are for suckers.
This is in Canada, USA is likely different. |
